CITY OF SANTA MONICA, CALIFORNIA Notes to Basic <strong>Financial</strong> Statements, Continued For the fiscal year ended June 30, 2009 4% per annum. Payments are to be made from residual receipts. As <strong>of</strong> June 30, 2009, $5,870,000 and $1,300,000 respectively, had been disbursed to the borrower. v. A promissory note in the amount <strong>of</strong> $4,234,507 was executed with The Tahiti, L.P. c/o Community Corporation <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> for an affordable housing project located at 2411-2423 Centinela Avenue. The loan is for the construction <strong>of</strong> 36 affordable rental housing units. This is a 55-year loan with a simple interest rate <strong>of</strong> 3% per annum. Payments are to be made from residual receipts. As <strong>of</strong> June 30, 2009, $3,157,144 had been disbursed to the borrower. w. A promissory note in the amount <strong>of</strong> $841,600 was executed with Community Corporation <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> for low- and moderate-income housing at 2020-2030 Cloverfield Blvd. This is a 35-year loan with 10.44% interest rate per annum. As <strong>of</strong> June 30, 2009, $841,600 had been disbursed to the borrower. x. A promissory note in the amount <strong>of</strong> $5,207,314 was executed with the <strong>Santa</strong> <strong>Monica</strong> Housing Partners, L.P for the development <strong>of</strong> twenty units <strong>of</strong> affordable senior housing at 1458 14 th Street. The loan represents land acquisition financing that achieves site control. The interest rate is 0%. Repayment is deferred during the two year term <strong>of</strong> the agreement with an option to extend the agreement for eighteen months. As <strong>of</strong> June 30, 2009, the outstanding balance is $5,122,218. y. A promissory note in the amount <strong>of</strong> $6,223,333 was executed with Community Corporation <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> for an affordable housing project located at 430-508 Pico Blvd. This is a 0% loan with the principal amount due and payable after a two-year deferral period. As <strong>of</strong> June 30, 2009, $2,044,914 had been disbursed to the borrower. z. A promissory note in the amount <strong>of</strong> $6,582,323 was executed with Community Corporation <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> for an affordable housing project located at 2602 Broadway. This is a 0% loan with the principal amount due and payable after a two-year deferral period. As <strong>of</strong> June 30, 2009, $5,226,343 had been disbursed to the borrower. aa. A promissory note in the amount <strong>of</strong> $5,595,897 was executed with Community Corporation <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> for an affordable housing project located at 2802 Pico Blvd. This is a 0% loan with the principal amount due and payable after a two-year deferral period. As <strong>of</strong> June 30, 2009, $3,665,855 had been disbursed to the borrower. bb. A promissory note in the amount <strong>of</strong> $4,424,711 was executed with FAME <strong>Santa</strong> <strong>Monica</strong> Senior Apartments, L.P., for an affordable housing project located at 1754 19 th Street. This is a 0% loan with the principal amount due and payable after a two-year deferral period. As <strong>of</strong> June 30, 2009, $3,120,000 had been disbursed to the borrower. cc. The January 17, 1994 Northridge Earthquake resulted in damaged multifamily residences in the <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong>. To facilitate repair <strong>of</strong> damaged multifamily residences, the U.S Department <strong>of</strong> Housing and Urban Development awarded the <strong>City</strong> <strong>of</strong> <strong>Santa</strong> <strong>Monica</strong> a total <strong>of</strong> $33,388,000 in emergency funds to finance the <strong>City</strong>'s Multifamily Earthquake Repair Loan (MERL) Program. The funds were allocated as follows: $2,027,000 – HOME Program Emergency Supplemental Fund, $6,361,000 – HOME Program Presidential Contingency Fund, and $25,000,000 – CDBG Program Emergency Supplemental Fund. 59
CITY OF SANTA MONICA, CALIFORNIA Notes to Basic <strong>Financial</strong> Statements, Continued For the fiscal year ended June 30, 2009 As <strong>of</strong> June 30, 2009, the following summarizes the total loan amount authorized, amount disbursed since inception <strong>of</strong> the loan program, the amounts repaid by the borrowers, and the loan balances: Loan amount Loan amount Amounts Loan balance at Fund authorized disbursed repaid/forgiven June 30, 2009 Miscellaneous Grants $ 7,790,695 7,790,695 2,743,141 5,047,554 CDBG 21,739,088 21,727,929 14,296,955 7,430,974 Total $ 29,529,783 29,518,624 17,040,096 12,478,528 dd. The Redevelopment Housing Trust Fund, formerly known as “CHARP” provides funds to eligible borrowers in the form <strong>of</strong> deferred payment loans to make up the financial gap between available non-program resources, including the borrower’s equity and private financing, and the limited equity cooperatives. As <strong>of</strong> June 30, 2009, loans totaling $46,250 are outstanding. 60
- Page 1:
Comprehensive Annual Financial Repo
- Page 5 and 6:
CITY OF SANTA MONICA, CALIFORNIA Co
- Page 7:
THIS PAGE INTENTIONALLY LEFT BLANK.
- Page 10 and 11:
amount of borrowed property taxes i
- Page 12 and 13:
five-year forecasts, and an underst
- Page 14 and 15:
Cash Management Policies and Practi
- Page 16 and 17:
OFFICIALS OF THE CITY OF SANTA MONI
- Page 18 and 19:
Certificate of Achievement for Exce
- Page 23 and 24:
CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 25 and 26:
CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 27 and 28:
CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 29 and 30: CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 31 and 32: CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 33 and 34: CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 36 and 37: CITY OF SANTA MONICA, CALIFORNIA St
- Page 38 and 39: CITY OF SANTA MONICA, CALIFORNIA Ma
- Page 40 and 41: CITY OF SANTA MONICA, CALIFORNIA St
- Page 42 and 43: CITY OF SANTA MONICA, CALIFORNIA St
- Page 44 and 45: CITY OF SANTA MONICA, CALIFORNIA St
- Page 46 and 47: CITY OF SANTA MONICA, CALIFORNIA St
- Page 48 and 49: CITY OF SANTA MONICA, CALIFORNIA Pr
- Page 50 and 51: CITY OF SANTA MONICA, CALIFORNIA St
- Page 52 and 53: CITY OF SANTA MONICA, CALIFORNIA St
- Page 54 and 55: CITY OF SANTA MONICA, CALIFORNIA Fi
- Page 56 and 57: CITY OF SANTA MONICA, CALIFORNIA No
- Page 58 and 59: CITY OF SANTA MONICA, CALIFORNIA No
- Page 60 and 61: CITY OF SANTA MONICA, CALIFORNIA No
- Page 62 and 63: CITY OF SANTA MONICA, CALIFORNIA No
- Page 64 and 65: CITY OF SANTA MONICA, CALIFORNIA No
- Page 66 and 67: CITY OF SANTA MONICA, CALIFORNIA No
- Page 68 and 69: CITY OF SANTA MONICA, CALIFORNIA No
- Page 70 and 71: CITY OF SANTA MONICA, CALIFORNIA No
- Page 72 and 73: CITY OF SANTA MONICA, CALIFORNIA No
- Page 74 and 75: CITY OF SANTA MONICA, CALIFORNIA No
- Page 76 and 77: CITY OF SANTA MONICA, CALIFORNIA No
- Page 78 and 79: CITY OF SANTA MONICA, CALIFORNIA No
- Page 82 and 83: CITY OF SANTA MONICA, CALIFORNIA No
- Page 84 and 85: CITY OF SANTA MONICA, CALIFORNIA No
- Page 86 and 87: CITY OF SANTA MONICA, CALIFORNIA No
- Page 88 and 89: CITY OF SANTA MONICA, CALIFORNIA No
- Page 90 and 91: CITY OF SANTA MONICA, CALIFORNIA No
- Page 92 and 93: CITY OF SANTA MONICA, CALIFORNIA No
- Page 94 and 95: CITY OF SANTA MONICA, CALIFORNIA No
- Page 96 and 97: CITY OF SANTA MONICA, CALIFORNIA No
- Page 98 and 99: CITY OF SANTA MONICA, CALIFORNIA No
- Page 100 and 101: CITY OF SANTA MONICA, CALIFORNIA No
- Page 102 and 103: CITY OF SANTA MONICA, CALIFORNIA No
- Page 104 and 105: CITY OF SANTA MONICA, CALIFORNIA No
- Page 106 and 107: CITY OF SANTA MONICA, CALIFORNIA No
- Page 108 and 109: CITY OF SANTA MONICA, CALIFORNIA No
- Page 110 and 111: City of Santa Monica, California Ye
- Page 112 and 113: CITY OF SANTA MONICA, CALIFORNIA Ca
- Page 114 and 115: CITY OF SANTA MONICA, CALIFORNIA Co
- Page 116 and 117: CITY OF SANTA MONICA, CALIFORNIA Co
- Page 118 and 119: CITY OF SANTA MONICA, CALIFORNIA Co
- Page 120 and 121: CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 122 and 123: CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 124 and 125: CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 126 and 127: CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 128 and 129: CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 130 and 131:
CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 132 and 133:
CITY OF SANTA MONICA, CALIFORNIA Co
- Page 134 and 135:
CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 136 and 137:
CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 138 and 139:
CITY OF SANTA MONICA, CALIFORNIA Sc
- Page 140 and 141:
CITY OF SANTA MONICA, CALIFORNIA Co
- Page 142 and 143:
CITY OF SANTA MONICA, CALIFORNIA Co
- Page 144 and 145:
THIS PAGE INTENTIONALLY LEFT BLANK
- Page 146 and 147:
CITY OF SANTA MONICA, CALIFORNIA St
- Page 148 and 149:
CITY OF SANTA MONICA, CALIFORNIA St
- Page 150 and 151:
CITY OF SANTA MONICA, CALIFORNIA St
- Page 152 and 153:
CITY OF SANTA MONICA, CALIFORNIA St
- Page 154 and 155:
CITY OF SANTA MONICA, CALIFORNIA St
- Page 156 and 157:
CITY OF SANTA MONICA, CALIFORNIA Co
- Page 158:
THIS PAGE INTENTIONALLY LEFT BLANK
- Page 161 and 162:
CITY OF SANTA MONICA, CALIFORNIA Fo
- Page 163 and 164:
CITY OF SANTA MONICA, CALIFORNIA Ch
- Page 165 and 166:
CITY OF SANTA MONICA, CALIFORNIA Ch
- Page 167 and 168:
CITY OF SANTA MONICA, CALIFORNIA Ch
- Page 169 and 170:
CITY OF SANTA MONICA, CALIFORNIA Ge
- Page 171 and 172:
CITY OF SANTA MONICA, CALIFORNIA Di
- Page 173 and 174:
CITY OF SANTA MONICA, CALIFORNIA Pr
- Page 175 and 176:
CITY OF SANTA MONICA, CALIFORNIA Ra
- Page 177 and 178:
CITY OF SANTA MONICA, CALIFORNIA Di
- Page 179 and 180:
CITY OF SANTA MONICA, CALIFORNIA Wa
- Page 181 and 182:
CITY OF SANTA MONICA, CALIFORNIA Re
- Page 183 and 184:
CITY OF SANTA MONICA, CALIFORNIA Pr
- Page 185 and 186:
CITY OF SANTA MONICA, CALIFORNIA Op
- Page 187:
THIS PAGE INTENTIONALLY LEFT BLANK